The new MM in Buffalo is Steve Bearance. Formerly MM at Cumulus's Lexington, KY cluster. He worked for a uniform company and family once owned a car dealership in Erie, PA. Since arriving, 2 sales veterans and a business manager have resigned.
Two sales vets? That's somewhat understandable if they weren't hitting their numbers or the new GM made life unbearable with unattainable demands and procedures. But why would a business manager resign? Was something amiss?
Meanwhile, Taylor On Radio Reports, 4-9-12
Lew Dickey became the $20 Million Man in 2011.
From the just-issued proxy for Cumulus Media’s May 8 annual meeting – CEO Lew Dickey’s total compensation for 2011 was $19,889,797. Let’s round it up and call it $20 million, and it’s mostly due to the option awards worth a potential $15.2 million. But everything was going Lew’s way last year, and not just because he finally corralled Citadel Media. Over the last three years, Lew’s base salary grew from $921,884,000 in 2009 to $940,000 and $1,122,042. Then there was his bonus – up from about $470,000 to about $940,000 to $2 million last year. His outright stock awards tripled, from about $550,000 to $1 million to $1,558,400. He had no option awards listed in either 2009 or 2010, but was awarded $15,193,479 worth in 2011. Also on the list of the company's five most highly-compensated individuals – Lew’s brother John, one of the two EVP/Co-COOs. John Dickey finished 2011 with $5.4 million, including $3,646,435 in option awards. As usual, John’s paychecks were richer than the other EVP/Co-COO, Jon Pinch. His total compensation for 2011 was $3,732,782. Senior VP/General Counsel Richard Denning and Senior VP/ Chief Financial Officer J.P. Hannan each did just shy of $1.9 million.
It's all about synergies.
